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The fed didn't increase rates today....
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
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Re: The fed didn't increase rates today....
Posted by Kelly9904
Posted by Meaghan729
you make a great point - however as more people are priced out of the market due to rates going up .5%, there will in turn be less buyers, so sellers will eventually be forced to drop their price. it wont happen the next day, but it is a trickle down effect.
The key word is "eventually"
Unless a home buyer is willing to wait what could be years....I personally dont believe the house prices are going to go down THAT drastically....It will be a slow down first, then a slight decrease. IMO
and that's the reason why DH and I will most likely move out of NY. we prefer to sleep at night knowing that our monthly bills are less than 1/2 of what we take home  in today's market, that is not possible on LI, unless you earn mega $$$$$$$$$$$$$$$$$$$$$$$$$
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Posted 8/9/06 8:50 AM  |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: The fed didn't increase rates today....
Posted by SweetestOfPeas
Posted by Kelly9904
Posted by Meaghan729
you make a great point - however as more people are priced out of the market due to rates going up .5%, there will in turn be less buyers, so sellers will eventually be forced to drop their price. it wont happen the next day, but it is a trickle down effect.
The key word is "eventually"
Unless a home buyer is willing to wait what could be years....I personally dont believe the house prices are going to go down THAT drastically....It will be a slow down first, then a slight decrease. IMO
and that's the reason why DH and I will most likely move out of NY. we prefer to sleep at night knowing that our monthly bills are less than 1/2 of what we take home in today's market, that is not possible on LI, unless you earn mega $$$$$$$$$$$$$$$$$$$$$$$$$
What towns have you been looking in specifically? There are certainly towns on LI that are more affordable than others. I dont think you have to make mega $$$$$ to buy a house on LI and still live comfortably. I have plenty of friends who have "middle class" jobs and were all able to afford houses over the past year or two. Maybe it's because they are all late 20's, early 30's and have had more time to save? Granted none of them are in their dream home - all small capes and ranches, but they are really nice homes on good size property in nice towns.....
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| Posted 8/9/06 9:04 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: The fed didn't increase rates today....
Posted by lululu
What towns have you been looking in specifically? There are certainly towns on LI that are more affordable than others. I dont think you have to make mega $$$$$ to buy a house on LI and still live comfortably. I have plenty of friends who have "middle class" jobs and were all able to afford houses over the past year or two. Maybe it's because they are all late 20's, early 30's and have had more time to save? Granted none of them are in their dream home - all small capes and ranches, but they are really nice homes on good size property in nice towns.....
there is a distinct difference between "able to afford" and "living comfortably". IMO, living comfortably is having a house you can be proud of and paying all of your monthly bills (mortgage, property taxes, electric, heating, cable, phone, cell phones, car insurance for 2 cars, homeowners insurance, groceries, car payment, gas, etc) and still have plenty of $$ left over for clothing, children (and all the expenses that go along with children - daycare alone is $1k a month at least), saving for the future, college fund, vacations, new cars, nice things for the house, taking care of the yard, etc.
we've done the math and it's just not going to work out for us here, sadly. we earn a VERY decent living (more than 2x the avg for LI) and would struggle if we stayed here.
but to answer your question, we've been looking in the Holbrook area.
Message edited 8/9/2006 9:17:30 AM.
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| Posted 8/9/06 9:17 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: The fed didn't increase rates today....
Posted by SweetestOfPeas
Posted by lululu
What towns have you been looking in specifically? There are certainly towns on LI that are more affordable than others. I dont think you have to make mega $$$$$ to buy a house on LI and still live comfortably. I have plenty of friends who have "middle class" jobs and were all able to afford houses over the past year or two. Maybe it's because they are all late 20's, early 30's and have had more time to save? Granted none of them are in their dream home - all small capes and ranches, but they are really nice homes on good size property in nice towns.....
there is a distinct difference between "able to afford" and "living comfortably". IMO, living comfortably is having a house you can be proud of and paying all of your monthly bills (mortgage, property taxes, electric, heating, cable, phone, cell phones, car insurance for 2 cars, homeowners insurance, groceries, car payment, gas, etc) and still have plenty of $$ left over for clothing, children (and all the expenses that go along with children - daycare alone is $1k a month at least), saving for the future, college fund, vacations, new cars, nice things for the house, taking care of the yard, etc.
we've done the math and it's just not going to work out for us here, sadly. we earn a VERY decent living (more than 2x the avg for LI) and would struggle if we stayed here.
but to answer your question, we've been looking in the Holbrook area.
I will take your word for it because I havent sat down and done the math.... But I just see friends of mine doing it - however i dont know the intimate details of their finances. For all i know they are in debt up to their eyeballs or their husbands make more than I am guessing. As I have said before, I do think it's really unfortunate for those people that really do want to stay and just can not make it work.
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| Posted 8/9/06 9:20 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: The fed didn't increase rates today....
Posted by lululu
Posted by SweetestOfPeas
Posted by lululu
What towns have you been looking in specifically? There are certainly towns on LI that are more affordable than others. I dont think you have to make mega $$$$$ to buy a house on LI and still live comfortably. I have plenty of friends who have "middle class" jobs and were all able to afford houses over the past year or two. Maybe it's because they are all late 20's, early 30's and have had more time to save? Granted none of them are in their dream home - all small capes and ranches, but they are really nice homes on good size property in nice towns.....
there is a distinct difference between "able to afford" and "living comfortably". IMO, living comfortably is having a house you can be proud of and paying all of your monthly bills (mortgage, property taxes, electric, heating, cable, phone, cell phones, car insurance for 2 cars, homeowners insurance, groceries, car payment, gas, etc) and still have plenty of $$ left over for clothing, children (and all the expenses that go along with children - daycare alone is $1k a month at least), saving for the future, college fund, vacations, new cars, nice things for the house, taking care of the yard, etc.
we've done the math and it's just not going to work out for us here, sadly. we earn a VERY decent living (more than 2x the avg for LI) and would struggle if we stayed here.
but to answer your question, we've been looking in the Holbrook area.
I will take your word for it because I havent sat down and done the math.... But I just see friends of mine doing it - however i dont know the intimate details of their finances. For all i know they are in debt up to their eyeballs or their husbands make more than I am guessing. As I have said before, I do think it's really unfortunate for those people that really do want to stay and just can not make it work.
I know, and I thank you for saying that. DH and I have no debt (aside from 8 more months paying off a car), we would like to keep our debt as low as possible so that we can save for our future and retirement. We don't want to be a slave to our mortgage. Decisions like these are never easy. I hate the thought of leaving LI. I grew up here, my parents live here, so do so many of my wonderful friends. but DH and I are older than your average couple without a house and would really like to get started with our life and have a home. we can't stay in a 1 bedroom apartment forever.
Message edited 8/9/2006 9:29:00 AM.
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| Posted 8/9/06 9:28 AM |
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Eva Luna
Be kind...life's hard!
Member since 8/05 4750 total posts
Name:
God, bless & heal my DH, JenG's DH Rob & DebG
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Re: The fed didn't increase rates today....
Posted by SweetestOfPeas
Posted by lululu
Posted by SweetestOfPeas
Posted by lululu
What towns have you been looking in specifically? There are certainly towns on LI that are more affordable than others. I dont think you have to make mega $$$$$ to buy a house on LI and still live comfortably. I have plenty of friends who have "middle class" jobs and were all able to afford houses over the past year or two. Maybe it's because they are all late 20's, early 30's and have had more time to save? Granted none of them are in their dream home - all small capes and ranches, but they are really nice homes on good size property in nice towns.....
there is a distinct difference between "able to afford" and "living comfortably". IMO, living comfortably is having a house you can be proud of and paying all of your monthly bills (mortgage, property taxes, electric, heating, cable, phone, cell phones, car insurance for 2 cars, homeowners insurance, groceries, car payment, gas, etc) and still have plenty of $$ left over for clothing, children (and all the expenses that go along with children - daycare alone is $1k a month at least), saving for the future, college fund, vacations, new cars, nice things for the house, taking care of the yard, etc.
we've done the math and it's just not going to work out for us here, sadly. we earn a VERY decent living (more than 2x the avg for LI) and would struggle if we stayed here.
but to answer your question, we've been looking in the Holbrook area.
I will take your word for it because I havent sat down and done the math.... But I just see friends of mine doing it - however i dont know the intimate details of their finances. For all i know they are in debt up to their eyeballs or their husbands make more than I am guessing. As I have said before, I do think it's really unfortunate for those people that really do want to stay and just can not make it work.
I know, and I thank you for saying that. DH and I have no debt (aside from 8 more months paying off a car), we would like to keep our debt as low as possible so that we can save for our future and retirement. We don't want to be a slave to our mortgage. Decisions like these are never easy. I hate the thought of leaving LI. I grew up here, my parents live here, so do so many of my wonderful friends. but DH and I are older than your average couple without a house and would really like to get started with our life and have a home. we can't stay in a 1 bedroom apartment forever.
DH and I were talking about this last night. It wasn't such a hard decision for me to leave NY, but it was for DH who knew nothing other than Brooklyn and wanted to stay with family and friends. It must be terrible to realize that in order to live a good life (comfortably), have kids, have vacations and enjoy "today" you have to leave...even if it means leaving all you know behind.
Luckily, my husband is a blessing and he said as long as we're together he doesn't care...home is where I'm at. And our future family.  You can build a life anywhere if that's what you want after all, you take vows to "forsake all others".
Good luck to all those in the midst of deciding. I can assure you that it's not an easy decision, but for us, it was the BEST ONE! 
And to those who stay...best wishes as wll!
I hope you all get to own homes, have it filled with love, friends, laughter and family.
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| Posted 8/9/06 12:03 PM |
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Jessee
LIF Adult
Member since 3/06 1260 total posts
Name:
Jessee
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Re: The fed didn't increase rates today....
Posted by AimeeE2006
We just locked in our rate yesterday for our mortgage...it'll be 6.375% I believe. Which from a few weeks ago is down .3 - We were excited.
We did the same today - I'm thrilled - I did not think we'd be able to lock in that low.
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| Posted 8/9/06 2:25 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: The fed didn't increase rates today....
Posted by Jessee
Posted by AimeeE2006
We just locked in our rate yesterday for our mortgage...it'll be 6.375% I believe. Which from a few weeks ago is down .3 - We were excited.
We did the same today - I'm thrilled - I did not think we'd be able to lock in that low.
Was this with or without points? DH and I used our one time free float down today and went from 6.725 to 6.625 with no points and we trust her that she got us the best she could.
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| Posted 8/9/06 3:57 PM |
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Jessee
LIF Adult
Member since 3/06 1260 total posts
Name:
Jessee
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Re: The fed didn't increase rates today....
No points
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| Posted 8/9/06 4:27 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: The fed didn't increase rates today....
Posted by Jessee
No points
With who if you don't mind me asking.
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| Posted 8/9/06 4:56 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: The fed didn't increase rates today....
just as an FYI- banks or direct lenders can add pionts to the back of the mortage that you will never see
I forgot what it's called
and brokers can't
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| Posted 8/9/06 4:59 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: The fed didn't increase rates today....
Posted by Beth1210
just as an FYI- banks or direct lenders can add pionts to the back of the mortage that you will never see
I forgot what it's called
and brokers can't
True. I def trust our lender - it just seemed so low 6.375. Anything is possible! At this point - I'm still very pleased with 6.625!
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| Posted 8/9/06 5:01 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: The fed didn't increase rates today....
Posted by Kitkat
Posted by Beth1210
just as an FYI- banks or direct lenders can add pionts to the back of the mortage that you will never see
I forgot what it's called
and brokers can't
True. I def trust our lender - it just seemed so low 6.375. Anything is possible! At this point - I'm still very pleased with 6.625!
I'll ask my hubby what the rates are - I haven't asked him in a while-
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| Posted 8/9/06 5:03 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: The fed didn't increase rates today....
Posted by Beth1210
Posted by Kitkat
Posted by Beth1210
just as an FYI- banks or direct lenders can add pionts to the back of the mortage that you will never see
I forgot what it's called
and brokers can't
True. I def trust our lender - it just seemed so low 6.375. Anything is possible! At this point - I'm still very pleased with 6.625!
I'll ask my hubby what the rates are - I haven't asked him in a while-
Thanks!
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| Posted 8/9/06 8:29 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: The fed didn't increase rates today....
I read this article awhile back. In line with the topic, I think it sheds light on how brokers deal with points vs. banks. I'm not advocating either, I've used both methods (broker for my own condo and then a credit union for our house) with equal satisfaction. Just thought it is a good read.
http://finance.yahoo.com/loan/mortgage/mistakes/article
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| Posted 8/9/06 9:09 PM |
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| Pages: 1 [2] |
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